How to Play the Memes with Confidence
06/07/2024
Hey Trader.
GameStop is back at it again! Roaring Kitty announced he’s making a special video today about his position in GME.
While the options went — as Mark likes to say — “bananas,” we hunted for similar crazy eyed stocks that will have the same move as GME, but for a cheaper price.
Enter HOOD and MBLY. I'm sure there are others, and if you trade any please respond here to tell us about your A+ scavenger skills! I knew we were going to wake up with some mad profits in these two this morning!
We bought calls in both HOOD and MBLY when we were live with Trade to Close yesterday.
Every close Mark and I typically focus on what the actual market is doing. Unless something like this happens. The market was quiet while we saw GME rip at the seams into the close.
If you are a day trader or want to trade a cult stock in the future, my tip is gold.
Instead of chasing, or exiting before your gains are realized, be patient. Otherwise that’s when the momentum is lost and it could make for a nervous trader.
Sit back, let it drop - and if it does drop, wait for it to recoup and then break the initial high. That's how to make that confident money honey!
Market Moves Spotlight
By Mark Sebastian
Non-farm payrolls are out and the market at onset did not like them.
We are seeing the market crush bonds. TLT is down almost 2% and IEF more than 1%. Homebuilders are getting pounded but tech, industrials, and banks look very strong. Retail also looks great.
The S&P 500 looks primed to run to 5400.
This is America....stocks go up.
VIX coming off the announcement is trading below 12.50. I think we will touch 5400, but if bonds continue to face pressure beyond the price action today we could see some pain return to the market.
Today smells like a melt up.
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Always be closing,
Olivia Voz and Mark Sebastian
